Ali Nawaz
Pakistan stocks take a 325-point hit on 10% wealth tax imposition news
KARACHI: Profit-booking weighed down on an overbought Karachi Stock Exchange, which closed lower on Monday.
The benchmark 100-Index index retreated to 22,216.46 mark after losing 1.44 percent, or 325.18 points.
Monday’s notable losers were D.G.Khan Cement Co Ltd and Pakistan Telecommunication Co Ltd, which suffered losses worth 3.34 percent and 3.18 percent to reduce to Rs85.66 and Rs22.19 respectively.
In the currency market the rupee ended weaker at 98.53/98.58 against the dollar, compared to Friday’s close of 98.51/98.56.
Syed Zaki Hussain
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